Key Bitcoin Price Indicator Suggests $21,000 ‘Fair Value’ By End Of 2019

The bitcoin (BTC) price is unlikely to break $40,000 in 2019, Bitcoin Knowledge podcast host Trace Mayer declared as part of new analysis on June 24.

Uploading fresh readings from his price forecasting tool, the ‘Mayer Multiple,’ the serial commentator and bitcoin proponent said that current trajectory should favor an end-of-year bitcoin price of $21,000.

This, while below the estimates of other industry figures such as Fundstrat’s Tom Lee, still places the largest cryptocurrency ahead of its record high set in December 2017.

The Mayer Multiple is a calculation achieved by dividing the current bitcoin price by its 200-day moving average. Currently at 2.09, the metric has only seen higher readings 14.79% of the time, meaning that a giant leap to $40,000, in particular, is unwarranted.

“...Very low probability of $40k in a few months,” Mayer summarized.

https://cointelegraph.com/news/key-bitcoin-price-indicator-suggests-21-000-fair-value-by-end-of-2019

Google Searches for ‘Bitcoin’ Starting to Catch Up With $10K Euphoria

Data from Google Trends’ search analytics resource indicates that internet googling of ‘bitcoin’ (BTC) is approaching a monthly high as of today, June 24.

According to the data, searches for bitcoin are continuing their ascent in the week after the unveiling of Facebook’s new cryptocurrency and blockchain-powered financial infrastructure project, Libra, even as searches for Libra itself have tapered off since June 18 — the date the white paper for the forthcoming token was published.

The resurgent public interest is seemingly correlated with the renewed bull market, with bitcoin is currently trading at $10,881, up almost 35% on the month, according to coin360 data.

By country, the top five nations currently googling bitcoin are Nigeria, South Africa, Austria, Switzerland and Ghana — as compared with Uruguay, Dominican Republic, Nicaragua, Albania and Panama for Libra.

https://cointelegraph.com/news/google-searches-for-bitcoin-starting-to-catch-up-with-10k-euphoria

Why not? I used to work for Coinidol, but now i'm not. I'm not working for Cointelegraph either, but i like it much more.

Report: Two Israeli Brothers Arrested for Hack of Bitfinex Crypto Exchange

Two Israeli brothers have been arrested in connection with the hack of cryptocurrency exchange Bitfinex and other crypto-related phishing attacks, finance news outlet Finance Magnates reports on June 23.

An Israeli police spokesperson reportedly told Finance Magnates that Eli Gigi and his younger brother Assaf Gigi netted tens of millions of dollars. The two are suspected of being responsible for long-term systematic theft of cryptocurrencies by maliciously obtaining access to other users’ accounts.

The two allegedly created credential-stealing clones of major online cryptocurrency exchanges and wallets and sent links to those phishing sites on Telegram groups and other cryptocurrency-related communities. The two are also accused of being responsible for the 2016 Bitfinex hack, which saw multiple accounts being compromised.

https://cointelegraph.com/news/report-two-israeli-brothers-arrested-for-hack-of-bitfinex-crypto-exchange

46-year-old New York resident Patrick McDonnell admitted to stealing funds obtained from his clients instead of investing them in cryptocurrency, Bloomberg reports on June 21.

Per the report, McDonnell — who calls himself the “coyote of Wall Street” — pleaded guilty to wire fraud on Friday in federal court in Brooklyn. He allegedly declared:

“I claimed to invest it in virtual currency and spent it on personal expenses.”

McDonnell attracted investors to his firm CabbageTech by claiming on social media to have traded over $50 million worth of bitcoin (BTC) for thousands of clients. Bloomberg reports that, instead of investing in the interest of his clients, McDonnell appropriated the funds for his own use and spent at least $194,000.

https://cointelegraph.com/news/cabbagetech-crypto-scheme-operator-pleads-guilty-to-wire-fraud

FATF to Strengthen Control Over Crypto Exchanges to Prevent Money Laundering

Today’s Financial Action Task Force’s (FATF) announcement focused on digital currency’s role in money laundering and heightened regulation, as Secretary Steven Mnuchin noted in his closing remarks.

The FATF — an intergovernmental organization that focuses its efforts on fighting money laundering — is planning to strengthen control over cryptocurrency exchanges to preclude digital currencies from being used in money laundering and related crimes.

U.S. Secretary of the Treasury Steven Mnuchin said that the new measure will require that crypto assets service providers comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) procedures in the same way traditional institutions do. The organization’s final guidance pamphlet went into greater detail on this subject.

https://cointelegraph.com/news/fatf-to-strengthen-control-over-crypto-exchanges-to-prevent-money-laundering

Russian Ministry of Finance Considers Allowing Cryptocurrency Trading

A representative of the Russian Ministry of Finance (MinFin) says the ministry is considering allowing cryptocurrency trading, Russian news service Interfax reported on June 21.

Per the report, the Deputy Minister of Finance Alexei Moiseyev told journalists on Friday that, while MinFin had reached no final decision, cryptocurrency trading may be allowed in the coming bill on the circulation of cryptocurrencies in the Russian Federation.

A bill prohibiting the use of crypto assets as a means of payment in the Russian Federation passed in May of last year.

https://cointelegraph.com/news/russian-ministry-of-finance-considers-allowing-cryptocurrency-trading

The Bitcoin (BTC) hash rate — the total computing power of the bitcoin network — reached new all-time highs this week, data from monitoring resource Blockchain.com confirmed on June 19.

As the Bitcoin price set a new annual record above $9,000, hash rate, which can be taken as a measure of how much interest there is in mining bitcoin, shot higher than ever before.

For Wednesday this week, the most recent day for which data is available, bitcoin’s hash rate had reached 65.19 trillion hashes per second (Th/s).

https://cointelegraph.com/news/bitcoin-hash-rate-climbs-to-new-record-high-boosting-network-security

Bitcoin (BTC) set a new 2019 high on June 21, hitting $9,800 and firmly beating daily returns of almost all major cryptocurrencies.

Data from Coin360 put BTC/USD trading at around $9,675 at press time Friday after a minor correction from earlier highs.

The performance further cements bitcoin’s bullish progress over the past three months, surprising investors once more after retaking the $9,000 mark this week.

Monthly (30-day) gains for bitcoin investors now stand at 26.5%.

Previously, commentators had begun forecasting a break to $10,000 would spark considerable demand among prospective buyers, who would then push the bitcoin price higher. They included serial bitcoin bull Tom Lee, who in a note to clients of his Fundstrat Global Advisors said 2019 could see BTC/USD reach as high as $40,000.

https://cointelegraph.com/news/bitcoin-price-hits-new-2019-high-inching-closer-to-10-000-fomo

The gaming industry has grown dramatically in recent years, partially because the world of video games is keeping up with the latest technological advances and even tries to get ahead of them. As such, it couldn’t bypass the blockchain. It’s not surprising that, from time to time, gaming companies announce the development of games based on this technology. So, the French gaming giant Ubisoft, known for the Assassin's Creed and Far Cry franchises, has announced that a blockchain will be integrated into its games. So, what can a blockchain give to the world of games and does it even need to be included at all?

Game monetization
The video game industry is currently alluring for any entrepreneur. So, it is no wonder that initial coin offerings (ICOs) are very popular among video games developers. But why exactly is the blockchain so useful that it is now becoming so attractive to the gaming industry?

Gaming apps that use blockchain began to emerge back in 2014, when players started to earn money with HunterCoin or CryptoKitties, the latter of which managed to become extremely popular in its first year. Their popularity was due to the main component of blockchain: the immutable ledger, in which players are unable to change the data. This means there is an established trust between all industry participants, from developers to players.

https://cointelegraph.com/news/time-to-chain-up-is-blockchain-about-to-change-the-gaming-industry

QuadrigaCX Co-Founder Used User Deposits for His Own Trading, Created Fake Accounts

The deceased owner of the now-defunct Canadian crypto exchange QuadrigaCX was allegedly transferring user funds off the exchange and using them as a security for his own margin trading on other platforms.

The news was revealed in the fifth report from court monitor Ernst & Young (EY), filed on June 19 with the Supreme Court of Nova Scotia.

EY has outlined its principal concerns in relation to the exchange, noting that its operations were “significantly flawed from a financial reporting and operational control perspective.”

In addition to most of the activities being directed by a single individual — the now-deceased co-founder Gerald Cotton — EY notes that there was neither segregation between duties and basic internal controls, nor any segregation of assets between Quadriga’s and user funds.

https://cointelegraph.com/news/quadrigacx-co-founder-used-user-deposits-for-his-own-trading-created-fake-accounts

Singapore-based cryptocurrency exchange KuCoin has announced that it is now listing the cryptocurrency Binance Coin (BNB) issued by the exchange Binance, according to a press release on June 19.

KuCoin will reportedly offer BNB trading pairs with Bitcoin (BTC) and Tether (USDT). The announcement also notes that KuCoin will support projects based on Binance’s native blockchain, Binance Chain, in addition to its native coin BNB.

The recent development shows that major trading institutions are putting trust in Binance’s token-vetting process on its initial exchange offering platform.

At press time, KuCoin is the 46th largest cryptocurrency exchange on CoinMarketCap, with an adjusted 24-hour trade volume of over $47 million.

Binance recently partnered with TrustTroken to offer the latter’s dollar-backed stablecoin TrueUSD (TUSD) on the exchange as a fiat-to-crypto conversion mechanism. There are reportedly no additional fees to buy the stablecoin, and users can then use TUSD to convert their funds one-to-one with U.S. dollars.

https://cointelegraph.com/news/kucoin-lists-binance-coin-supports-binance-chain-projects

Facebook’s Calibra digital wallet will not be available in some of the social network’s largest markets, including India, according to a TechCrunch report on June 19.

A spokesperson told the website:

“The libra blockchain will be global, but it will be up to custo dial wallet providers to determine where they will and will not operate. Calibra won’t be available in U.S.-sanctioned countries or countries that ban cryptocurrencies.”

Estimates by Statista suggest there were 260 million Facebook users in India as of April this year — far ahead of the tech giant’s second-largest market, the United States.

Earlier this month, Indian lawmakers proposed tough new regulations that could see citizens face a 10-year jail term if they deal in cryptocurrencies.

Facebook intends to make Calibra available through a specially created app and via its WhatsApp and Messenger platforms. At present, India is the only market where a separate payments service — WhatsApp Pay — is available.

https://cointelegraph.com/news/report-facebooks-calibra-digital-wallet-will-not-be-available-in-its-largest-markets

The United States Commodity Futures Trading Commission (CFTC) launched action against a reportedly fraudulent $147 million bitcoin (BTC) scheme, fintech news outlet FinanceFeeds reports June 18.

On June 17, the regulator reportedly filed a complaint with the New York Southern District Court against now-defunct United Kingdom-based entity Control-Finance Ltd, which reportedly defrauded more than 1,000 investors to launder at least 22,858 bitcoin.

The CFTC also brings actions against the entity’s head, Benjamin Reynolds, stating that Control-Finance and Reynolds “exploited public enthusiasm for Bitcoin” from May 1, 2017, to October 31, 2017. The action seeks civil monetary penalties, including “permanent trading and registration bans, restitution, and disgorgement,” the report notes.

https://cointelegraph.com/news/us-cftc-brings-action-against-147-million-bitcoin-investment-scheme

Major money transmission network MoneyGram has entered into a strategic partnership with blockchain-based payments firm Ripple, according to a press release on June 17.

As part of the two-year agreement, the two firms will become partners in cross-border payments and foreign exchange settlements with digital assets. As part of the agreement, MoneyGram will be able to draw up to $50 million dollars from Ripple in exchange for equity.

MoneyGram will purportedly use Ripple’s xRapid liquidity product, which allows money to be sent in one currency and instantly settled in the destination currency. In using Ripple’s XRP token for such transfers, xRapid can purportedly settle such transactions faster than with fiat currencies or other major digital assets.

https://cointelegraph.com/news/ripple-to-invest-up-to-50m-in-moneygram-following-new-partnership

United Kingdom-based interdealer broker TP ICAP will sell bitcoin (BTC) financial derivatives, Bloomberg reports on June 17.

Per the report, the ICAP unit of the firm now allows its customers to buy or sell the Chicago Mercantile Exchange’s (CME) bitcoin futures. In June, the Chicago Board Options Exchange’s bitcoin futures will expire with no current plans for renewal, leaving the CME as the sole offerer of BTC futures.

TP ICAP also reportedly expects to add non-deliverable forwards tied to the largest cryptocurrency, and then plans to open desks in Asia and the United States. Bloomberg claims that the company took the decision due to a decrease of its core business model:

“Interdealer brokers have traditionally relied on handling trades for banks, but their volumes shrunk in the aftermath of the financial crisis. A profit warning last year wiped 36% from TP ICAP’s market value in a day. It’s regained about 10% since then to 1.6 billion pounds ($2 billion).”

https://cointelegraph.com/news/bloomberg-uk-interdealer-broker-tp-icap-to-sell-cmes-bitcoin-futures

Russia Is Getting Serious About Blockchain, but Remains on the Fence About Cryptocurrencies

Last week, an annual forum featuring Russia’s top people from the economic sector was held in St. Petersburg, and cryptocurrencies were a hot topic there. Notably, government agents and state-controlled businesses were vocal about their interest in blockchain, but seemed to distance themselves from digital tokens.

Meanwhile, the regulatory framework for cryptocurrencies is still missing in the country, despite the fact that local authorities have been tasked to prepare the needed amendment a while ago. So, where is Russia heading in terms of crypto and blockchain?

https://cointelegraph.com/news/russia-is-getting-serious-about-blockchain-but-remains-on-the-fence-about-cryptocurrencies

Crypto enthusiasts living in the United States will have no trading options for a many cryptocurrencies when the major crypto exchange Binance becomes unavailable for them in September, according to a report by CryptoPotato on June 14.

The report draws this conclusion based on the following table, which shows which cryptocurrencies will still available for U.S.-based traders after Binance discontinues its U.S. service:

The foregoing exchanges listed are Coinbase, Bittrex, Poloniex, Kraken, HuobiUS, and eToro.

The report also highlights that, in addition to the cryptocurrencies with no trading outlet in the U.S.—the all-white rows—there are also a number of tokens listed on only one exchange after Binance drops off, including ARK, BTT, IOTA, PIVX, and ZIL.

These “endangered” exchange tokens, as well as the (temporarily) extinct tokens, will likely witness a large drop in volume, according to the report.

https://cointelegraph.com/news/united-states-residents-will-lose-access-to-many-altcoins-starting-in-september

Blockchain Developer Dispatch Labs Suffers Losses Despite Market Recovery

Blockchain company Dispatch Labs is incurring considerable losses despite extensive investment and a recovering cryptocurrency market, technology-focused news outlet Cryptobriefing reported on June 14.

Initially, Dispatch Labs received funding from its executive team, subsequently raising over $13 million in a series of private rounds from other investors such as China-based capital firm Fenbushi Capital during the first half of 2018. However, the value of the raised capital slumped considerably following the market drop in the first quarter of the year.

The company’s CEO Matt McGraw reportedly said that the team had indicated the threat driven by the market downturn, however the company did not have sufficient over the counter (OTC) availability at the moment to liquidate millions of dollars’ worth of digital currency.

https://cointelegraph.com/news/blockchain-developer-dispatch-labs-suffers-losses-despite-market-recovery

Binance to Stop Serving US Traders Following Announcement of US-Dedicated Platform

Major crypto exchange Binance announced today, June 14, that it has updated its terms of use, which notably includes a restriction of services to United States-based individual and corporate traders. The restriction follows yesterday’s news that the company is launching a separate, fully regulated fiat-to-crypto platform for the U.S. market.

Today’s announcement provides a timeline for the new terms to come into effect, specifying that:

“After 90 days, effective on 2019/09/12 [12th September 2019], users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.”

https://cointelegraph.com/news/binance-to-stop-serving-us-traders-following-announcement-of-us-dedicated-platform